Orthopedic Devices Market Set to Record Exponential Growth by 2026
Musculoskeletal injuries demand orthopedic devices to be treated or prevented. And, as lifestyles are getting more physical and outdoorsy. These injuries are getting more and more common and thus propelling the global orthopedic devices market on to a high growth trajectory. As per a Transparency Market Research study, the global orthopedic devices market is set to chart a steady CAGR (Compound Annual Growth Rate) of 3.0% over the forecast period of 2018 and 2028. This is set to improve the market worthy from USD 46900 million in 2017 to a decent USD 65000 million by 2026.
Some of the most notable players that operate the global orthopedic devices market include Stryker, DePuy Synthes, Smith & Nephew, Zimmer Biomet, Medtronic Spinal, DJO Global, and Arthrex, Inc. In order to stay at the vanguard of their game, players opt for numerous strategies, both organic and inorganic. Some of the major ones include partnerships, collaborations, mergers, acquisitions. Others include product development and technological advancement. In fact, the last two are serious determinants of who grabs the largest chunk of growth.
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One of the biggest factors of growth in the global orthopedic devices market is the growth in geriatric population, which is quite susceptible to these injuries or otherwise need orthopedic support. People aged 65 and above are rising steeply and by 2050 would be one in every six people in the world. They would be one in every four people in North America and Europe. People aged 60 and above will number to a hefty 2 billion from 900 million in 2015.
It is also worth noting here that in the year 2018, people aged 65 and above surpassed the people aged five and below. This was a historic shift in terms of demographics considering that it happened for the first time in the history of mankind.
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Joint Reconstruction to be a Prominent Segment in the Global Orthopedic Devices Market over the Forecast Period
The global orthopedic devices market is divided into the following segments – end-user, region, and product. Owing to a rapidly ageing population, joint reconstruction will dominate the market. The sub segments in the classification include hip replacement, knee replacement, elbow and shoulder replacement, and others. These include total, partial and revision replacement.
Another segment that is ready to chart a significant growth over the forecast period includes spinal devices segment. This, again owes its CAGR to ageing population and also to rising demand for support that is not invasive. Besides, incidence of spinal fractures is sky rocketing. It is also pertinent to note here that in the end user segment, hospitals will dominate.
Other segments in product type include trauma fixation, orthopedic prosthetics, arthroscopy devices, orthopedic braces and supports, orthopedic accessories and others.
Basis end-user, sub-segments include ambulatory surgical centers, orthopedic clinics, hospitals, and others.
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North America is set to Dominate the Global Orthopedic Devices Market over the Forecast Period
The report is divided into following segments regionally – North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Owing to a large population of geriatric people and the number rising at a steady pace, North America is set to chart significant growth in the global orthopedic devices market. Another factor that plays in favor of the region is the robust reimbursement framework.
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